Drill Program To Expand On Newly Discovered Keats West Zone

VANCOUVER - New Found Gold Corp. reported the the drill program designed to expand on the newly discovered Keats West zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west side of the highly prospective Appleton Fault Zone (AFZ). The Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Keats West Highlights: 1) Interval of 10.1 g/t Au over 22.50m in NFGC-22-945 is a 305m step down dip from previously reported 18.9 g/t Au over 15.95m in NFGC-22-773, and a 100m step down dip of previously reported 42.6 g/t Au over 32.00m in NFGC-22-960. This high-grade interval occurs just 65m from surface due to late faulting that has uplifted this portion of the Keats West structure and relocated it closer to surface. 2) The mineralized footprint of Keats West now spans 200m wide x 305m down dip, averaging approximately 30m thick with broader domains spanning widths as great as 80m as seen in NFGC-22-833, which intersected multiple intervals of gold mineralization with grades ranging from 1.6-3.2 g/t Au. 3) Additional notable intercepts within the Keats West zone include 61.8 g/t Au over 3.55m in NFGC-22-865, 3.26 g/t Au over 16.60m, and 4.32 g/t Au over 21.30m in NFGC-22-922, and 2.53 g/t Au over 29.40m in NFGC-22-989. 4) Step-out and infill drilling are ongoing at Keats West to expand on this new discovery and to better define the continuity of grade and the controls on the gold mineralization within the host fault.

Melissa Render, VP Exploration, said, “Keats West continues to impress with high-grade gold intercepts and broad domains of gold mineralization. This zone is providing us with ample evidence that both sides of the Appleton Fault can act as a prolific host for gold mineralization. One interesting insight from today’s drilling is the late faulting that occurred down dip on Keats West, effectively uplifting the mineralized zone towards surface. This corroborates our interpretation of the newly discovered Iceberg zone as the fault offset of Keats Main, an understanding that will allow us to better identify and test for additional zones of gold mineralization.”